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... the ... to moderate ... the pace of purchases later this year ... and the subsequent data remained broadly line with our current expectations for the economy ... we would continue to reduce the pace of purchases in measured steps ... through the first half of next year ... standing purchases around midyear ... it seems like such a banal statement but in fact those with awareness ... that some awful marketer out around the world welcomed the news of everyone and Dennis Berman of the law Street Journal you can see VNX is ... trending read ... quite deeply read the Essen P five hundred and two and half ... dozens index said I believe over three and Nasdaq not faring much better bond markets in turmoil to ... has been burning keys ... been eyeing seeming where it's ... a ricochet across markets I welcome everyone ... against this from your loss to Journal where joined by our crack Fed reporter John Kosmina ... who is in Washington D C ... John I just saw you I guess today ... it seems so some of the world is change by the license since then ... it certainly has narrowed as I think there are two things going on which we have to watch carefully ... and figure out how during connected interconnected one is that they're ... talking about pulling back easy money ... here that seem to be pretty well telegraphed but the market certainly took it on the chin ... the others what's going on in China growth is slowing ... and they're seen the kind of ... drama and turmoil in their short term lending markets ... there we saw in the United States into thousandeight ... he I think that is feeding on the turmoil that the Fed started yesterday ... and I know it looks like we're gonna have some market volatility that is gonna play out over at least the next few days if not won by John let's first get to the B'nai Kisen equation ... but the market takes that and a certain point the Fed and burning key ... how to pull out of the bond markets that to get binges with the somewhat of a normalized level ... it seems as if the traders seem to have forgotten that that that might actually happen it and here we are during that moment and it seemed to be a freaking awful UN voted to ... close at their two pieces of this which I haven't figured out that the first cases ... there has been telegraphing I mean we've been writing stories that chairman talked and out ... in front of Congress other Fed officials of and talking ... been been suggesting for several weeks now that they that they think this is the road are going to go down ... it shouldn't come as that big of a surprise but ... the market took it as a surprise ... the other thing here is how the market reads the Fed's next debt alright ... so the Telegraph that they're pulling back on its bond buying but ... I think one of the things that's going on here is that the market is saying hey ... they're more optimistic about the growth outlook ... they're not really committed to these other easy monetary policies like zero interest rates ... the temple the whole rug out from under us ... at base of the market is doing what markets are always do they're taking one step ... and they're trying to think or three or four steps that might not come in and of course we get back to the global growth question that you brought up in regards to China John ... then the numbers ... I gave it twenty from Honeywell told the Sunday of the day he expected growth in China about six percent perhaps whispered China is a wretched number We see Europe that is you have a negative growth rate in the U S perhaps the two average all that I've got a pretty anemic global growth ... yet ... with that with this this is this is the Chinese for them and I think that's a real potential problem I think it could be slowing more ... than anybody expected but what I'm saying is ... why China's banking system ... we're seeing short term lending rates go up ... very quickly there ... were seeing talk about funding squeeze is not for financial intermediaries ... this is the kindest of you know you and I covered this together in two thousand and eight ... this is the kindest of the financial turmoil is made out ... Yelp data very obliquely hard to understand the financial system there ... but ... but ... there was a real warning signs we have to like get carefully that they that can affect a Chinese financial system ... and the rest the world is the second largest economy in the world a tiny bit of some really good points ... deducted online ... I wanna read your stuff on these the Chinese in the market isn't cents by the Port of course ... the Chinese government has lots of levers that can pull in the same with the U S government can but it seems ... again you mention it's opaque system ... and ... not everything that is is visible to markets ... around the globe ... absolutely okay